Azalea Capital is pleased to announce The Azalea Fund III, L.P.'s recent investment in Orbital Tool Technologies Corp. Orbital is headquartered in Belvidere, IL, and provides in-house and on-site machining and repair services for utilities and power generation clients throughout the U.S. To supplement Orbital's organic growth, Azalea is seeking to acquire complimentary companies that also serve the power generation industry.
Keith Ravan, the former CEO of Power Equipment Maintenance (an Azalea Fund I investment), co-invested with Azalea in the Orbital transaction and has joined the Company as CEO. Terry Orcholski, the Founder of Orbital, will remain with the Company as President. Additionally, Dennis McLaughlin, former owner of The Atlantic Group, Inc. which was acquired in 2007 by Day & Zimmerman, co-invested with Azalea and will serve on Orbital's Board of Directors.
"Orbital Tool is excited to be partnering with Keith Ravan, Dennis McLaughlin, and the Azalea Capital team," stated Terry Orcholski, President of Orbital Tool. "Now more than ever, power utilities and OEMs are looking for dependable and customer-focused service providers. Azalea's investment in Orbital will help us to further differentiate our service offering to our valued clients and to build on our 16 year reputation in the power generation industry."
About Orbital Tool Technologies Corp. (OTT)
Founded in 1996, OTT (www.orbitaltool.com) performs inspections, in-house and on-site machining and repair services, shaft and journal repairs, fan shaft restoration, and steam valve repairs for utilities and power generation clients. The company services the Utilities, Pulp and Paper, Municipal Power, and Turbine/Valve OEM industries. OTT deploys experienced field technicians, field service equipment, and numerous portable machine shops to handle both planned outages and emergency work. The company also performs advanced in-house and on-site machining to remove and replace repaired parts, optical and laser alignment, reverse engineering, and turbine part replacement.
About Azalea Capital
Azalea Capital, founded in 1996, is a private equity firm headquartered in Greenville, SC. Azalea provides equity capital to lower middle-market firms to facilitate management buyouts, business recapitalizations, and growth plans. Partnering with management teams in scalable, operating companies with established revenues and cash flows, we provide both financial and human capital to significantly enhance the long-term equity value of the underlying business. Typical investment candidates will have minimum annual revenues of $10 million in the focus industries of manufacturing, distribution, business services, consumer products, and healthcare.
Azalea Capital is actively seeking new investment opportunities for its third partnership, The Azalea Fund III, L.P. Other holdings of Azalea include Star Packaging Inc. (Atlanta, GA), Modus, Inc. (Washington, DC), KLMK Group, Inc. (Richmond, VA), ETAK Systems, Inc. (Charlotte, NC), and Sunbelt Chemicals Corp. (Palm Coast, FL). For questions or more information about Azalea Capital, please visit our website www.azaleacapital.com or contact Ben Wallace.